Twenty-five years ago, the World Cup was not just the most watched soccer event in the world. It could also claim to be the best, highest quality soccer—not just a global party, but also a showcase of all the world’s best players, managers and tactical trends.

The tournament has been surpassed by the club game in these respects, thanks to the forces of globalization and commercialization. And yet the very same trends that have elevated European club soccer have also made it predictable, and this, in turn has created a new way for the World Cup to stand alone—as the highest-profile competition in which regional talent—not money—still wins trophies.

Once, only the World Cup could offer its trademark mix of star players, high stakes, and global visibility. On the first weekend of English Premier League in August 1992, only 13 players from outside the UK and Ireland made the field. There were no foreign managers or owners at all.